Signed by Governor Phil Murphy

Vote Smart's Synopsis:

Vote to pass a bill that authorizes offshore wind projects.

Highlights:

• Specifies an entity seeking to construct an offshore wind project must submit an application to the board for approval by the board as a qualified offshore wind project, which must include the following information (Sec. 1): 

• The type, size, and number of proposed turbines and foundations; 

• The history to-date of the same type;

• The size and manufacturer of installed turbines and foundations globally; 

• A detailed description of the transmission facilities and interconnection facilities to be installed; 

• A detailed implementation plan that highlights key milestone activities during the permitting, financing, design, equipment solicitation, manufacturing, shipping, assembly, in-field installation, testing, equipment commissioning, and service start-up;

• the projected electrical output and anticipated market prices over the anticipated life of the project, including a forecast of electricity revenues from the sale of energy derived from the project and capacity, as well as revenues anticipated by the sale of any ORECs, RECs, air emission credits or offsets, or any tradable environmental attributes created by the project; and

• an operations and maintenance plan for the initial 20-year operation of the project that: details routine, intermittent, and emergency protocols; identifies the primary risks to the built infrastructure and how the potential risks;

• Requires any entity seeking to construct an offshore wind project to complete a cost-benefit analysis for the project including the following (Sec. 1):

• a detailed input-output analysis of the impact of the project on income, employment, wages, indirect business taxes, and output in the State with particular emphasis on in-State manufacturing employment;

• an explanation of the location, type, and salary of employment opportunities to be created by the project with job totals expressed as full-time equivalent positions assuming 1,820 hours per year;

• an analysis of the anticipated environmental benefits and environmental impacts of the project; and

• an analysis of the potential impacts on residential and industrial ratepayers of electricity rates over the life of the project that may be caused by incorporating any State subsidy into rates.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that authorizes offshore wind projects.

Highlights:

• Specifies an entity seeking to construct an offshore wind project must submit an application to the board for approval by the board as a qualified offshore wind project, which must include the following information (Sec. 1): 

• The type, size, and number of proposed turbines and foundations; 

• The history to-date of the same type;

• The size and manufacturer of installed turbines and foundations globally; 

• A detailed description of the transmission facilities and interconnection facilities to be installed; 

• A detailed implementation plan that highlights key milestone activities during the permitting, financing, design, equipment solicitation, manufacturing, shipping, assembly, in-field installation, testing, equipment commissioning, and service start-up;

• the projected electrical output and anticipated market prices over the anticipated life of the project, including a forecast of electricity revenues from the sale of energy derived from the project and capacity, as well as revenues anticipated by the sale of any ORECs, RECs, air emission credits or offsets, or any tradable environmental attributes created by the project; and

• an operations and maintenance plan for the initial 20-year operation of the project that: details routine, intermittent, and emergency protocols; identifies the primary risks to the built infrastructure and how the potential risks;

• Requires any entity seeking to construct an offshore wind project to complete a cost-benefit analysis for the project including the following (Sec. 1):

• a detailed input-output analysis of the impact of the project on income, employment, wages, indirect business taxes, and output in the State with particular emphasis on in-State manufacturing employment;

• an explanation of the location, type, and salary of employment opportunities to be created by the project with job totals expressed as full-time equivalent positions assuming 1,820 hours per year;

• an analysis of the anticipated environmental benefits and environmental impacts of the project; and

• an analysis of the potential impacts on residential and industrial ratepayers of electricity rates over the life of the project that may be caused by incorporating any State subsidy into rates.

Full Bill Text